topic Re: next step?? in Credit Cards

next step??

Gerald56 — Sun, 05 Jan 2014 02:21:45 GMT

i now have my kohls cc ( which i plan on using monthly and paying off balance) and it's been 30 days since my bk discharge. how long should i wait before trying for a cap 1 or any other type of visa or MC?

Re: next step??

coldnmn — Sun, 05 Jan 2014 02:28:14 GMT

I would show 6 months of usage on your kohls card. Congrats!

Re: next step??

FinStar — Sun, 05 Jan 2014 02:36:52 GMT

6-12 months at best. Your BK discharge is too recent.

Re: next step??

NonSufficientFunds — Sun, 05 Jan 2014 02:56:36 GMT

Kohls gave you a line of credit just days after a BK discharge? - this is a huge break.

It is usually very hard to rebuild credit so soon after a washout.

Congratulations on the second chance (especially with such a generally well-regarded creditor).

Take advantage of your good luck, by making every effort to maintain this account in good standing.
No more applications for at least six months of positive reporting by Kohls.

Bankruptcy is a nasty scab that will take some time to fully heal, but usually, after about a year of positive reporting by a well-known creditor, you should be able to rebuild - so long as you are not too aggressive in seeking new credit - you should be back to normal (credit-wise), in about two years.

Congratulations and Best Wishes !!!

Re: next step??

Gerald56 — Sun, 05 Jan 2014 03:29:33 GMT

thank you!!!!

i'm so pumped and its hard not to try for more..june will be here before you know it ;-)

i was thinking about going to our local credit union to see if they could help

with a credit builder loan,,,would that help my score or is it a waste if time?

Re: next step??

Gerald56 — Sun, 05 Jan 2014 03:36:14 GMT

i know, i cant believe it..my wife got a cap 1 unsecured card with $300 ... i am shocked at how fast after the discharge things are moving..

were going to hang tight and just work on these cards...

as bad as i felt filing BK i am feeling so much relief reading all the posts ... good therapy ;-)

Re: next step??

FinStar — Sun, 05 Jan 2014 03:51:20 GMT

It's definitely good progress considering the recent BK discharge. Just sit tight and learn from others. Resist app temptations and just remember slow and steady wins the race. With rebuilding, time is your friend. Often times there can be some missteps and frustrations, so as you rebuild, don't get trapped in the allure of doing things too aggressively since not every method works for all. Otherwise, you can get trapped with several accounts with low limits that will take a very long time to grow and may hinder or delay some opportunities for transitioning into better quality products. It's all about patience, good planning and a realistic strategy.

Re: next step??

NonSufficientFunds — Sun, 05 Jan 2014 04:03:24 GMT

@Gerald56 wrote:
i know, i cant believe it..my wife got a cap 1 unsecured card with $300 ... i am shocked at how fast after the discharge things are moving..

were going to hang tight and just work on these cards...

as bad as i felt filing BK i am feeling so much relief reading all the posts ... good therapy ;-)

Welcome to the forum: Keep reading... and reading - you will quickly discover that many of us have been able to correct past mistakes.

There are some very successful "twelve-step" programs which have helped many people through various types of personal struggles.

And as they all say: The first step toward solving a problem - is acknowledging that there is a problem. Through the big-BK, you have already experienced the worst part of the the credit world's learning curve. Now that you have felt the sting - you are ready to move on with a better understanding of how this game works.

Through these forums, I have picked up so much information and support, that I have gone from the low 500s to a 780 FICO, in less than two years.

Hang in there. and don't go nuts with "app sprees" or "three-browser-methods" or any of the other silly tricks you will read about on this forum.

And PLEASE don't post pictures of credit cards in your signature (as if they were combat ribbons) - it's quite immature and pointless.

When you've truly arrived... you wont need to announce it.

Good Luck !!

Re: next step??

09Lexie — Sun, 05 Jan 2014 04:59:46 GMT

Let's remember to be respectful in your comments

Lexie, myFICO Moderator